Apple shares slide; Facebook, Agilent fall

Einhorn, Soros add to Apple holdings; LogMeIn crashes on forecast

By

DanGallagher

SAN FRANCISCO (MarketWatch) — Tech stocks turned mostly lower on Friday, as shares of Apple Inc. gave up early gains, sliding to end the session in the red.

Apple
AAPL, +0.06%
fell 1.4% to close at $460.16. Shares of Facebook Inc.
FB, -0.30%
also retreated, losing 0.6% to close at $28.32, while Agilent Technologies
A, -1.09%
gave up 5% to close at $42.25 after reporting a 22% drop in earnings for its fiscal first quarter on Thursday afternoon, with a forecast for the current period that was below expectations.

The declines pushed the Nasdaq Composite Index
COMP, -0.57%
into the red, down 7 points, or 0.2%, at 3,192. The benchmark ended the week down a fraction.

Reuters

Apple unveiled the iPad Mini in October. One analyst thinks another product event may take place in this spring.

The Morgan Stanley High-Tech Index
MSH, -1.08%
and the Philadelphia Semiconductor Index
SOX, -1.86%
were each down a fraction.

Apple
AAPL, +0.06%
began the session with modest gains following reports that hedge-fund giants David Einhorn and George Soros increased their holdings in the company. Einhorn is currently enmeshed in a lawsuit with Apple as part of an effort to get the company to consider a proposal of his to issued preferred stock. See: Einhorn, Soros increase stakes in Apple

Also on Apple, Gene Munster of Piper Jaffray issued a note to clients, predicting that the company may host a product event sometime in the spring, citing past practices.

Microsoft: iPhone iOS 6.1 has bugs

(2:44)

Apple's latest iOS 6.1 update is giving CIOs a major headache as a bug in the software clashes with corporate networks.

Google
GOOG, +0.50%
shares also managed a fractional gain to close at $792.89 — setting a new high on an intraday basis. The Web search giant has gained about 12% since the first of the year.

But on the downside, LogMeIn Inc.
LOGM, -1.64%
slid nearly 30% to close at $16.65 after the provider of remote-access services issued a disappointing forecast for the current quarter and fiscal year, prompting several brokerage downgrades on the stock. J.P. Morgan, Oppenheimer and Wunderlich all cut their ratings on the stock to neutral.

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